US Trade Representative Jamieson Greer on Tuesday echoed Union Minister Piyush Goyal, noting that New Delhi will maintain certain protections in the agricultural sector.
Greer claimed that India has agreed to eliminate tariffs on industrial goods under the trade agreement with the United States, cutting average levies to zero from the current 13.5 per cent.
Speaking to CNBC news, the US Trade Representative stated that the removal of non-tariff barriers forms a key portion of the deal announced by US President Donald Trump.
He, however, asserted that the US would continue to work on access to certain protected areas of India’s agriculture sector.
Providing further details about the deal, he said that India’s tariffs on a variety of things like wine, spirits, tree nuts, vegetables, and fruits “are going down to zero.”
Earlier in the day, Union Commerce and Industry Minister Piyush Goyal said that the trade deal signed under the leadership of Prime Minister Narendra Modi, will “enhance the future of a strong India”.
He claimed that PM Modi used his “friendship” with Trump to get a deal that every Indian can be proud of.
While Goyal didn’t share specific details, he assured that the interests of agriculture and dairy sectors were safeguarded.
“PM Modi has always championed both the agriculture and dairy sectors, safeguarding their interests and working tirelessly to ensure a bright future and ample opportunities for the people in these sectors…The sensitive factors of India’s economy, particularly agriculture and dairy, have been protected,” he claimed.
He further asserted that the trade deal will give numerous opportunities to the MEMEs, the manufacturing and textile sectors.
“I believe that through this deal, our MSMEs, our engineering sector, all the players in our engineering sector—whether they manufacture auto components, electrical parts, or work on selling various types of engineering goods in America, or plan to do so in the future—our textile sector, our gems and jewelry sector, our leather goods sector, our marine goods sector, will all get numerous opportunities through this deal…,” the minister added.
Under the deal, US will reduce reciprocal tariffs from 25 per cent to 18 per cent and eliminate the additional 25 per cent duty on Russian oil imports into India.
According to US President Donald Trump, who announced the deal, PM Modi has agreed to stop buying Russian oil. India, Trump said, has also agreed to increase imports from the US by USD 500 billion, covering sectors like energy, technology, agriculture, and defence.
Both countries are also likely to issue a joint statement on the agreement soon.